Fundraising Fox

InVisionApp

Unicorn · $2BDefunct

New York, US · Founded 2011 · Delaware corporation · 5 known investors

New York-based digital product design and prototyping platform, founded 2011, that shut down its service on 31 December 2024.

Also known as InVision · InVisionApp Inc.

Founders & leadership

InVisionApp was founded in 2011 by Clark Valberg and Ben Nadel.

CV
Clark ValbergCo-founder
BN
Ben NadelCo-founder

Board

VNVas Natarajan
Vas Natarajanin𝕏Board directorPartner at Accel
LF
Lee FixelBoard director
AJAmish Jani
Amish Janiin𝕏Board directorFounder and Partner at FirstMark Capital

Investors · 5

Also in the syndicate · 1

Atlassian

Reported raises · per SEC filings

Form D private placements

$61.7M disclosed across 3 of 9 rounds · 2012–2018

$548.6KraisedSep 2017 · 11 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • David FragaExecutive Officer
  • Ben NadelExecutive Officer, Director
  • Vas NatarajanDirector
  • Clark ValbergExecutive Officer, Director
  • Amish JaniDirector
  • Lee FixelDirector
Offering amount
$548.6K
Amount sold
$548.6K
First sale
Aug 2017
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$40MraisedJul 2015 · 17 investors · Other
Rule 506(b)
Officers, directors & promoters on the filing
  • Clark ValbergExecutive Officer, Director
  • Ben NadelExecutive Officer, Director
  • Vas NatarajanDirector
  • Lee FixelDirector
  • Amish JaniDirector
Offering amount
$40M
Amount sold
$40M
First sale
Jun 2015
Incorporated
Corporation, Delaware, 2011
Federal exemptions
06b
Full filing on SEC EDGAR ↗
$21.1MraisedAug 2014 · 11 investors · Other Technology
Rule 506(b)
Officers, directors & promoters on the filing
  • Amish JaniDirector
  • Clark ValbergExecutive Officer, Director
  • Lee FixelDirector
  • Ben NadelExecutive Officer, Director
Offering amount
$21.1M
Amount sold
$21.1M
First sale
Jul 2014
Incorporated
Corporation, Delaware, 2011
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

Valuation · disclosed

Disclosed events
$1.9Bvaluation at Series FDec 2018
filing ↗

Source: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.

Company profile

researched Aug 2026

InVision (InVisionApp Inc.) was a New York–headquartered company founded in 2011 that developed a digital product design platform used by organizations to create digital customer experiences. It began as a web-based rapid prototyping tool that turned web and mobile (iOS, Android) designs into clickable, interactive prototypes and mockups that could be shared and commented on, effectively bridging tools such as Photoshop and Sketch for prototyping and design handoff. Over time it expanded into a broader suite covering the design process from ideation through developer handoff.

Core products included InVision Cloud (prototyping, presentation and development workflow), InVision Studio (a screen design tool with its own app and asset ecosystem), Design System Manager (DSM, for managing brand and UX components), Craft plugins, Specs, and Freehand, a virtual whiteboard product built to compete in a market that combined UI design and prototyping. Company initiatives included DesignBetter.co (launched August 2017), a repository of design practices; the $5M Design Forward Fund announced in December 2017 for grants and equity investments in the design community; a Design Transformation team led by Stephen Gates (hired April 2018) that worked with enterprise clients; and the 2016 feature-length documentary 'Design Disruptors'.

InVision operated as a 100% distributed company with no physical offices, reporting roughly 800 employees across 28 countries as of Q1/February 2019, with the largest share in the United States followed by Europe. After losing market share to Figma, the company sold its Freehand product line to Miro in late 2023 and announced in January 2024 that the platform would shut down at the end of that year.

Founding story

According to a founder profile, before starting InVision, Clark Valberg ran a specialized design and development shop, Epicenter Consulting (2003–2011), which helped clients design and build web applications. A client project in which the assigned project leader could not articulate software requirements led Valberg to conclude that the requirements-gathering process was broken and that a single document could not capture how people across an organization experienced a product. His team built a simple platform allowing clients to view and comment on designs and used it internally; encouraged by a team member, Valberg was introduced to venture capitalist Daniel Wolfson, who connected him with investors at FirstMark Capital. A seed deal followed while users were signing up by the hundreds daily. EverybodyWiki records InVision as founded in 2011 by Clark Valberg and Ben Nadel, inspired by challenges they faced building digital products at Epicenter and a perceived need for tools designed for screen-first designers.

Business model

InVision sold access to a cloud-based, subscription software platform for design teams, spanning free-tier prototyping through enterprise offerings (Enterprise, Cloud, DSM, Craft, Specs, Studio, Freehand). Its customer base spanned global enterprises and small teams.

Software-as-a-service subscriptions for its design collaboration and prototyping tools, including enterprise plans; a free tier was offered for basic prototype creation and sharing. Sources report roughly $100M in annual recurring revenue as of 2019 and revenue of $50 million in 2022.

Traction

Reported user growth from 3 million users in 2017 to 5 million (2019, alongside ~$100M ARR) and up to 7 million users in 2021, with adoption claimed across 100% of Fortune 100 companies. Headcount reached about 800 employees in 28 countries by early 2019. Revenue subsequently fell by half to $50 million in 2022.

Latest developments

Freehand was acquired by Miro on 6 November 2023, with Miro honoring existing Freehand subscriptions, folding Freehand elements into Miro during 2024 and offering data migration. On 4–5 January 2024 InVision announced via a blog post from CEO Michael Shenkman that the platform would shut down; users retained account access until 31 December 2024, after which prototypes, Freehands, boards and other assets would be deleted, and users were urged to export data and migrate to other tools.

Full profile — market position, technology, go-to-market, geography, history, risks & controversies

Market position

InVision was an early market leader in collaborative design and prototyping software and was seen as a challenger to Adobe, reportedly prompting Adobe to redesign its product lineup and launch a competing product. Its lead eroded as Figma combined UI design and prototyping in one collaborative platform; UXTools survey data cited show InVision's share as a primary prototyping tool falling from 63% in 2017 to 22.78% in 2020, with continued decline through 2023.

Its original differentiator was enabling non-designers and distributed stakeholders to view and comment on wireframes and prototypes over time, adding a collaboration layer that incumbent tools such as Adobe and Sketch lacked at the time. Commentators later argued this differentiation weakened: coverage cites buggy features and integration problems in DSM, Studio and Craft Manager, feature bloat across many products, and messaging that failed to distinguish it from competitors.

Technology

A web-based platform that converted static web and mobile (iOS, Android) designs into clickable, interactive prototypes and mockups with sharing and commenting. Later components included InVision Studio, an end-to-end screen design tool with an app and asset store enabling third-party add-ons; Design System Manager for centralizing brand and UX components; Craft plugins and Specs for developer handoff; and Freehand, a virtual whiteboard for team collaboration.

Go-to-market

Free, self-serve entry to the prototyping product drove bottom-up adoption among individual designers, complemented by enterprise sales and a Design Transformation team that helped enterprise clients adopt design practices. Community and content marketing initiatives — DesignBetter.co, the Design Disruptors documentary, and the $5M Design Forward Fund offering grants, equity investments and go-to-market partnership support — supported brand building within the design community.

Designers, product design teams and developers at organizations ranging from small teams to large enterprises; reported customers included design teams at Airbnb, Netflix, Salesforce, Twitter, Visa and Uber, and the company claimed usage across 100% of Fortune 100 companies.

Geography

Headquartered in New York City (mailing address 41 Madison Ave., New York, NY 10010) and serving customers worldwide. As a fully distributed company, its workforce was spread across 28 countries as of February 2019, concentrated in the United States and then Europe. The Design Disruptors documentary premiered in San Francisco and screened in multiple cities internationally.

History

Founded in 2011 in New York, InVision launched its prototyping tool the same year, differentiated by letting multiple stakeholders comment on wireframe designs and gather feedback over time. It raised successive venture rounds from 2012 onward, made a series of acquisitions between 2016 and 2018 (Macaw, Napkin, Waybury, Silver Flows, Easee, Muzli, Track Duck, Brand.ai and Wake), and launched Studio, Design System Manager and Freehand. A $115M Series F in December 2018 valued it at $1.9–2 billion. Competition from Figma, which released publicly in 2016 and combined UI design and prototyping, eroded InVision's position; its share as a primary prototyping tool fell from 63% in 2017 to 22.78% in 2020 per UXTools surveys, and revenue reportedly halved to $50 million in 2022. InVision sold Freehand to Miro in November 2023 and, in a January 2024 blog post from CEO Michael Shenkman, announced the shutdown of the platform effective 31 December 2024, after 12 years of operation.

Risks & controversies

Commentary on the shutdown cites recurring product quality problems (bugs and integration issues in DSM, InVision Studio and Craft Manager plugins), feature bloat that diluted the core product, ineffective differentiation and branding versus competitors, and possible financial mismanagement or an unsustainable business model despite substantial funding. Competitive displacement by Figma is identified as the central driver; revenue fell by half to $50 million in 2022, prompting the sale of the core business line to Miro. A Slashdot commenter also criticized the product as an expensive, proprietary subscription lock-in.

Compiled by commissioned research from 6 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Annual recurring revenueFeb 2019$100M
EmployeesFeb 2019800 employees
Post-money valuationDec 2018$2B
RevenueJan 2022$50M
Share of designers using it as main prototyping toolJan 202022.8%
Total funding raisedJan 2024$356.2M
UsersJan 20217,000,000 users

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Timeline · 21

launches, deals, and filings
Jan 2024
InVision announces platform shutdown effective 31 December 2024

CEO Michael Shenkman announced in a blog post that the platform would close; users retained account access until 31 December 2024, after which prototypes, Freehands, boards and other assets would be deleted.

source ↗

Nov 2023
Freehand product acquired by Miro

InVision sold its Freehand virtual whiteboard business line to Miro; Miro honored existing Freehand subscriptions, planned to fold Freehand elements into Miro through 2024 and offered data migration services.

source ↗

Dec 2018
$115M Series F at $1.9B–$2B valuation

Round led by Spark Capital with participation from Goldman Sachs, Atlassian and others; reported valuation of $1.9 billion (EverybodyWiki) and $2 billion post-money (other sources).

$115M source ↗

May 2018
InVision Studio gains app store and asset store

source ↗

Apr 2018
Acquired Wake

source ↗

Apr 2018
Hired Stephen Gates to lead Design Transformation team

Designer Stephen Gates, formerly of Citi and Starwood Hotels, joined to lead a team working with enterprise clients on design practices and organizational structures.

source ↗

Jan 2018
Included on LinkedIn's Top 50 Startups list

source ↗

Dec 2017
Announced $5M Design Forward Fund

A $5M fund providing grants and equity investments to individuals and companies in the design community, plus go-to-market support and community exposure for select recipients.

$5M source ↗

Oct 2017
Acquired Brand.ai

source ↗

Oct 2017
InVision Studio screen design app introduced

Studio, a screen design tool positioned against Sketch and Adobe XD, with an end-to-end structure and its own app ecosystem.

source ↗

Aug 2017
Launched DesignBetter.co

A central repository of design practices gathered from design-driven organizations.

source ↗

Apr 2017
Acquired Track Duck

source ↗

Jan 2017
Glassdoor 'Best Places to Work 2017'; Inc. Company of the Year runner-up

source ↗

Sep 2016
Acquired Muzli

source ↗

Apr 2016
Acquired Easee

source ↗

Mar 2016
Acquired Silver Flows

source ↗

Feb 2016
Acquired Waybury

source ↗

Feb 2016
Acquired Napkin

source ↗

Jan 2016
Acquired Macaw

source ↗

Jan 2016
Released feature-length documentary 'Design Disruptors'

InVision produced a documentary featuring designers from leading companies; it premiered in San Francisco and was screened in multiple cities internationally.

source ↗

Jan 2011
InVision prototyping tool launched

Valberg and a remote team built and launched the InVision prototype in 2011, allowing stakeholders to comment on wireframe designs and collect feedback over time.

source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

Legal entities · 1

corporate structure
InVisionAppDelaware

In the news

Research sources · 6

primary sources listed

6 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does InVisionApp do?
New York-based digital product design and prototyping platform, founded 2011, that shut down its service on 31 December 2024.
Who founded InVisionApp?
InVisionApp was founded by Clark Valberg, Ben Nadel in 2011.
Who are InVisionApp's investors?
InVisionApp's investors include Battery Ventures, Accel, FirstMark Capital, Tiger Global Management.
How much funding has InVisionApp raised?
InVisionApp has disclosed $61.7M raised across 3 of its 9 known rounds.
Where is InVisionApp headquartered?
InVisionApp is headquartered in New York, US.